Inflation Belarus 2023
Average inflation: 5.1%
Current Inflation
Inflation is very high at 5.1%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 12.0%. The lowest inflation was in September at 1.9%.
- Highest month
- January: 12.0%
- Lowest month
- September: 1.9%
- Difference
- 10.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 6.2%. The lowest price increase was in Core inflation with an average of 4.2%.
- Highest increase
- Energy: 6.2%
- Lowest increase
- Core inflation: 4.2%
Historical Context
Current inflation is 3.1% lower than the 5-year average of 8.2%. This approaches the lowest level since records began (4.9% in 2018).
- 5-year average
- 8.2%
- 10-year average
- 9.6%
- All-time high (2012)
- 67.5%
- All-time low (2018)
- 4.9%
Trend
Inflation shows a downward trend. Compared to 2022, inflation has fallen by +10.1 percentage point.
- Change vs. previous year
- -10.1 percentage points
- Largest monthly swing
- August: -15.8 percentage points
ECB Target
Inflation is 3.1% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 12.0% | +1.6 |
| February | 11.6% | +1.6 |
| March | 5.8% | -10.0 |
| April | 4.6% | -12.2 |
| May | 3.5% | -13.5 |
| June | 2.7% | -14.9 |
| July | 2.5% | -15.6 |
| August | 2.1% | -15.8 |
| September | 1.9% | -15.5 |
| October | 3.5% | -11.7 |
| November | 5.4% | -7.9 |
| December | 5.8% | -7.0 |
| Average | 5.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.